QIB Q4 net profit jumps to $108m

Doha, January 19, 2011

Qatar's second-largest lender by market value earned 393 million riyals ($108 million), up from 320.95 million riyals a year earlier.

Analysts on average had forecast quarterly profit of 345.98 million riyals, according to a Reuters poll.

The bank earlier posted nine-month profit of 907 million riyals. For the full year, the company reported net profit of 1.3 billion riyals, it said in a statement posted on the bourse website, in line with profit of 1.32 billion riyals in 2009.

It recommended the distribution of 50 percent cash dividends, or 5 riyals a share, the statement said.

The lender launched a $750 million Islamic bond in late September, part of a spate of debt issues across the Gulf region. - Reuters